Daily Market Update: January 29, 2024

January 29, 2024

BTC is currently trading around $42,100 and ETH around $2,250.  Notable gainers in the last 24 hours are CFX, MANTA, and SUI.  The global crypto market cap is $1.69T, down 0.9% over the last day.  DeFi Total Value Locked is ~$57b and BTC dominance is around 52%.

Global equity markets and crypto prices are little changed ahead of a busy week for economic data releases that includes Eurozone GDP and Chinese PMIs on Tuesday, a Federal Reserve interest rate decision on Wednesday, European inflation and a Bank of England interest rate decision on Thursday, and US employment and average hourly earnings on Friday.  In addition, many notable companies report earnings this week, particularly in tech, such as Microsoft, Apple, Meta, Amazon, and Alphabet.

Notable news includes: Europe’s ESMA published two consultation papers seeking input on regulations under MiCA; a Chinese infrastructure company raised $350m in digital yuan via a bond issuance; digital asset investment products saw net outflows of $500m last week, driven by GBTC; BlackRock’s spot bitcoin ETF passed $2b in AUM; Harvest Fund, the Hong Kong arm of a major Chinese asset manager, applied for a spot Bitcoin ETF in Hong Kong; Google’s new, less restrictive crypto ad policy goes into effect today; FTX increased its cash holdings from $2.3b in October to $4.4b at year-end 2023 by selling crypto; OpenSea received interest from other parties to acquire the NFT marketplace; and, OKX announced it will enable Doginals, Atomicals, Stamps, and Runes inscription standards.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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